Business Irish

Monday 25 September 2017

'Maple 10' developer McCabe told he must pay €100m to NAMA

Property developer John McCabe, whose firm was behind the Abington 'millionaires' row' scheme in Malahide, north County Dublin, has had a €100m order made against him
Property developer John McCabe, whose firm was behind the Abington 'millionaires' row' scheme in Malahide, north County Dublin, has had a €100m order made against him

Tim Healy

PROPERTY developer John McCabe has been ordered to repay more than €100m to NAMA mainly over loans to companies in his building group and his personal guarantees of loans.

His firm, McCabe Builders (Dublin), was behind the so-called 'millionaires row' development at Abington in Malahide, Dublin.

The developer was one of 10 customers of the former Anglo Irish Bank, known as the 'Maple 10' who each bought a 10pc stake in the bank from Sean Quinn back in 2008.

NAMA also yesterday secured summary judgment orders in various sums against Mr McCabe's wife and children related to various loans and guarantees.

Judgment for about €31m was entered against Mrs Mary McCabe; some €36m against her son John; some €29m each against her daughters Angela, Pauline and Sandra, and some €18.3m against her daughter Helen McCarthy.

NAMA brought the proceedings in the Commercial Court against the McCabes arising from its "disquiet" over events that last month led to it obtaining court orders freezing the assets of Mr McCabe, Rath Stud, Ashbourne, Co Meath, and his family.

NAMA sought those orders after raising fears that some €6.2m of assets that should have been ring-fenced to pay off debts was "misappropriated or dissipated" without consent of the agency.

It was claimed that almost €5m had been diverted into an account in the Middle East while other monies had been used to repay loans to a non-NAMA bank. The McCabes, whose group of companies owe NAMA more than €235m, had denied any wrongdoing.

Judgment

Yesterday, Rossa Fanning, for NAMA, asked Mr Justice Peter Kelly to enter summary judgment orders in various amounts against Mr McCabe, his wife and children.

While the McCabe connection of related building facilities was being managed positively until last summer, NAMA had since made discoveries causing it disquiet and leading to it seeking account freezing orders, Mr Fanning said. No replying affidavits were provided by the McCabe side in the freezing order applications, he added.

He secured orders from Mr Justice Kelly fast-tracking NAMA's actions against the McCabes arising from a series of loans and guarantees, most of which were advanced by the former Anglo Irish Bank (now the Irish Bank Resolution Corporation) with others advanced by Bank of Ireland and Allied Irish Banks. All the loans had been transferred to NAMA.

Mr Justice Kelly said he was satisfied to enter summary judgment in the sums sought and he also granted European enforcement orders, meaning the judgments can be enforced across Europe.

Earlier, Bernard Dunleavy, for the McCabes, said, while they were not contesting the judgment order applications, they regretted the breakdown of relations with NAMA and did not accept the allegations of bad faith.

Mr Justice Kelly entered judgment orders totalling more than €100m against John McCabe Snr arising from several loans and guarantees.

Irish Independent

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